CHICAGO - Mayor Richard Daley yesterday announced a winning bid of $1.157 billion from a private consortium to lease Chicago's parking meter system for 75 years, with more than half of the proceeds earmarked to see the city through the current recession.

The City Council's Finance Committee will review the contract at a meeting today and the full council will cast its vote at a special meeting Thursday. The deal is expected to win approval as the $6 billion 2009 city budget approved last month relied on about $150 million from the transaction to help close a $469 million gap.

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